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FanDuel’s prediction market platform, FanDuel Predicts, has become available in 13 more states, including in the two largest US states, California and Texas.
FanDuel Predicts is a standalone app the company launched in five states in December. The mobile application offers contracts on a variety of topics and events, including sports.
The platform is up and running in nearly half the US states, including in a few that offer sports betting, something FanDuel had said it wouldn’t do.
- Alabama
- Alaska
- California
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Minnesota
- Nebraska
- New Mexico
- North Carolina
- North Dakota
- Oklahoma
- Rhode Island
- South Carolina
- Texas
- Utah
FanDuel Predicts includes contracts outside sports
Customers of FanDuel Predicts can invest in a contract that is tied to an event, like the Academy Awards, or a governmental action, like whether interest rates will go up, or a sporting event, such as which team will win the Super Bowl or whether an NBA team will win over or under a certain number of games, etc.
Customers simply buy a YES or NO decision on a contract, then collect if they are correct with that prediction and lose their money if they are wrong.
The result is similar to a sports wager, but regulators classify it as a commodity rather than gambling. Users can also trade the contracts they have on sporting events with others, much like a stock.
FanDuel plays catch-up in prediction market industry
Among sports betting companies, FanDuel is quickly surging to catch up with its PM product. FanDuel Predicts is now in states with a combined population of more than 100 million, operating in three of the four largest economies in the US: California, Texas, and Florida.
With its 18 states, FanDuel Predicts still trails rival DraftKings Predictions, which is currently in 38 states, including California, Texas, and Florida.
Both FanDuel and DraftKings rely on partnerships with CME Group, which supplies PM data and is licensed and authorized by the CFTC. DraftKings has said it will eventually use its own CFTC-authorized platform, Railbird.
